25. Learning from and Responding to Financial Crisis I (Lawrence Summers)

Financial Markets (ECON 252) Professor Summers, former U. S. Treasury Secretary and former President of Harvard University, in this the first of two lectures in honor of former Yale Professor and Council of Economic Advisors chairman Arthur Okun, offers thoughts on the role of monetary policy in economic fluctuations, past and present. In the “Okun period,“ ending about when Okun died in 1980, the monetary authorities were very much involved in actually creating economic contractions. Inflation would rep